Category: Research Files

Gal Barak VerdictV
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January 10, 2021

Vienna Cybercrime Trials – The Written Verdict in the Gal Barak Case

The Vienna Crime Trials (#VCT) are not an official term but is used by FinTelegram to refer to the various court proceedings surrounding the E&G Bulgaria cybercrime organization. In September 2020, the Israeli citizen Gal Barak was convicted as the organization's mastermind. He was sentenced to a 4-year prison term, restitution payments, and already seized $2,5 Mio have been declared forfeited. According to the current information, there will be several indictments and court cases under #VCT.
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Estonian crypto money laundering networkT
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January 4, 2021

The Estonian Money-laundering Issue – Crypto Payment Processors BlueData, and Lipan Services

The Estonian regulatory regime had been a severe issue for the EU since the inception of its crypto license program some three years ago. Even though the Estonian Ministry of Finance recently announced that its FIU revoked more than 1,000 licenses, there are still about 400 regulated crypto payment companies active in the market billing themselves as "EU-regulated" payment processors. Companies like BlueData OÜ, or Lipan Services OÜ facilitate and/or operate scams. These companies are also customers of the Lithuanian GlobalNetInt which is part of the network.
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Whistleblower ProgramA
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January 3, 2021

A Lithuanian Case – Compliance Issues, Law Enforcement, and Whistleblower Protection

FinTelegram lives on whistleblowers and fights together with them against scammers, cybercriminals, and money launderers. Protecting whistleblowers is FinTelegram's highest priority. We are aware that whistleblowers are hated and threatened by the villains they expose. Currently, whistleblowers in Lithuania who have provided valuable information to FinTelegram about scams, cybercrime, and money-laundering are being massively threatened. We are here to help and support them!
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Disgraced FinTech Bruc Bond vanished from EuropeF
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December 21, 2020

Finally gone! Disgraced Israeli Payment processor Bruc Bond et al vanished to Singapore

The Bank of Lithuania revoked the company's EMI license in April 2020. FinTelegram has previously alerted its readers in numerous reports. For this, FinTelegram has been sued for alleged defamation in Israel. The Bank of Lithuania actually fully confirmed the reports and turned the alleged defamation into a proven fact. In the meantime, Bruc Bond has disappeared from the EU and operates on the Asian markets with a MAS license in Singapore. They have gone to conquered Asia.
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Convicted Yukom CEO Lee Elbaz and Yossi HerzogC
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December 21, 2020

Convicted Yukum CEO Lee Elbaz seeks to vacant the conviction

Lee Elbaz, an Israeli, was hired as the CEO for the Yukom boiler room in Israel. She managed the fraud on investors under direction and instruction. The U.S. jury found her guilty of fraud. She was sentenced to 22 years in prison and $28 million in restitution payments. On Dec. 18, 2020, she filed the appeal, asking for a vacation of the conviction because her former boss Yossi Herzog, also charged, has not provided testimony. He would have confirmed that Elbaz had no intention to commit fraud, the appeal argues.
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Whistleblowing developed into a million-dollar industryA
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December 20, 2020

AML: Another Chief Compliance Officer departs from GlobalNetInt

Lithuanian GlobalNetInt has had an audit from the Bank of Lithuania in recent months. The company focused on high-risk clientele appears to have compliance, KYC, and AML issues. Among the clients are many forex and crypto firms as well as payment processors associated with and/or facilitating scams. The problems with compliance were also confirmed to us by a consultant. Now the Chief Compliance Officer (CCO) is also said to have left the company.
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FinTech Bilderlings initial reviewF
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December 17, 2020

FinTech Review – FCA-regulated Bilderlings with Latvian roots

Bilderlings Pay Limited is regulated as an authorized e-money institution under reference No 900637 since May 2018. The institution is doing business as Bilderlings (www.bilderlings.com and www.bilderlings.eu) and offers international payments with app and debit card. Like TransferWise et al. The company was founded back in December 2015 and is led by Latvians Deniss Polakovs and Andrejs Zaharovs. Until recently, Latvian Aleksandrs Peskovs was listed as the beneficial owner.
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PXP Financial and MoneyNetInt Group cooperateP
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December 17, 2020

PXP Financial and MoneyNetInt cooperate for cross-border payments

Regulated by the FCA with reference No 504318, PXP Financial Limited as an Authorized Payment Institution was originally founded as Kalixa Accept Limited by Austria's Bwin. Following the acquisition of Bwin by public-listed GVC Holdings PLC, Kalixa was sold to Senjo Group for €29 million in late 2019 and renamed PXP Financial. The company recently announced its cooperation with FCA-regulated MoneyNetInt Group. Senjo Group was one of the largest - and, according to the Financial Times (FT), most opaque - partners of the collapsed Wirecard.
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M
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December 13, 2020

Money Laundering Challenge – UBS CEO Ralph Hamers struggles with his ING and Payvision legacy

Ralph Hamers has only been the new CEO of Swiss UBS for a few weeks. For a few days now, he has been struggling to survive in his new job. An old money-laundering scandal of the ING came up again. The bank signed a settlement with the public prosecutor's office and had to pay the record fine of €775 mio. A ruling by The Hague Court of Appeal now forces the Dutch prosecution to start a probe into Hamers' responsiblity. Money-laundering is no longer perceived as a legally irrelevant trivial offense by bank directors.
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Ralph Hamers and Rudolf Booker have a money-laundering legacyM
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December 13, 2020

Money Laundering Challenge – UBS CEO Ralph Hamers struggles with his ING and Payvision legacy

Ralph Hamers has only been the new CEO of Swiss UBS for a few weeks. For a few days now, he has been struggling to survive in his new job. An old money-laundering scandal of the ING came up again. The bank signed a settlement with the public prosecutor's office and had to pay the record fine of €775 mio. A ruling by The Hague Court of Appeal now forces the Dutch prosecution to start a probe into Hamers' responsiblity. Money-laundering is no longer perceived as a legally irrelevant trivial offense by bank directors.
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Payvision laundered money for Gal BarakG
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December 11, 2020

Gery Shalon Case – Andrei Tyurin sentencing rescheduled to 7 January 2021

On December 3, 2020, the sentencing of the Russian hacker Andrei Tyurin should have taken place in New York. He is said to be a key accomplice of the Israeli mastermind Gery Shalon in the largest finance hack in U.S. history with more than 80 million stolen client data. Due to technical problems of the virtual court session, the sentencing session had to be stopped and has now been rescheduled for January 7, 2021.
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Gery Shalon and his cybercrime network with Andrei TyurinG
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December 11, 2020

Gery Shalon Case – Andrei Tyurin sentencing rescheduled to 7 January 2021

On December 3, 2020, the sentencing of the Russian hacker Andrei Tyurin should have taken place in New York. He is said to be a key accomplice of the Israeli mastermind Gery Shalon in the largest finance hack in U.S. history with more than 80 million stolen client data. Due to technical problems of the virtual court session, the sentencing session had to be stopped and has now been rescheduled for January 7, 2021.
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